The third-largest insurer in Europe will wind down its Europ Assistance business in Russia and close its Moscow representative office. The Russian Europ Assistance business, which employs 80 people, contributes only a small portion of the global Europ Assistance business's revenue. According to the company, this is a small part of Generali's group.
Generali also announced the resignation of three board members of Russian insurer Ingosstrakh, in which it owns a 38.5 percent stake. According to a source close to Generali, the company has no immediate plans to sell its stake in Ingosstrakh, which it has owned since 2013, but it is considering its options. Ingosstrakh is the fifth-largest insurer in Russia.
Generali's move comes after Italian bank Intesa Sanpaolo, one of the largest international banks most exposed to Russia, announced a strategic review of its presence in the country.
At the end of last year, Intesa had a total loan exposure to the country of 5.57 billion euros, or $6.16 billion, or about 1% of its total. The lender declined to provide additional information about the review.